For years, brokers have been walking away from paying harmed clients who sued them and won their claims. It’s part of the unrecognized costs of doing business with small, fragile and undercapitalized brokerage firms, many of which sell and deal in expensive, volatile alternative investments. In 2013, in the...
Digital World Acquisition Co., a blank-check company, has found itself entangled in a web of legal trouble with the Securities and Exchange Commission over its proposed merger with media giant Trump Media and Technology Group. The SEC’s investigation revealed that DWAC had misled investors and failed to disclose crucial information...
The lights are going out at two unique ETFs from AlphaTrAI Funds that offered investors indexed market exposure only after the markets closed for the day by sitting on the sidelines during regular trading hours. The strategies were launched a year ago promoting back-tested data showing how much more efficiently...
A fraudster who has been convicted twice before has been charged by the SEC for alleged involvement in a multimillion-dollar Ponzi-like scheme. The regulator says that Eliyahu Weinstein, Aryeh L. Bromberg, Joel L. Wittels, Richard M. Curry, Christopher J. Anderson and Alaa Mohamed Hattab defrauded a total of $38 million...
More than a decade ago, something extraordinary happened at a hearing of the House Financial Services Committee. One witness pretty much torpedoed legislation that had been written by the panel’s chair. The pending bill would have established a self-regulatory organization to provide oversight of investment advisors. That meant an entity...
Retirement planning is a moving target for many people, and that necessitates having a plan B or even a plan C, financial advisors say. Sometimes it means crumpling up a plan and tossing it out the window, significantly revising income and spending assumptions. That can be the case for as...
Regulatory requirements around retaining and supervising communications across financial services firms have become more stringent, in particular after an unusually high volume of business-related communications on WhatsApp was uncovered. Regulators have put users of this popular platform on high alert, while simultaneously monitoring whether firms are adhering to recent...